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Market Rallies To All-Time Highs As Bulls Dismiss Fed [Video]

Authored by Lance Roberts via,

Market Rallies To All-Time Highs

Well, that was undoubtedly an exciting bought of volatility. Last week, we reviewed our “signals” and the market sell-off.

“Well, not only did the highs not stick, but the 50-dma failed during Friday’s sell-off. The market closing at its lows suggests we could see some more selling early next week. The “good news,” if you want to call it that, is that the “sell signal” is moving quickly through its cycle. Such suggests that selling pressure may remain limited and may resolve itself by the end of June.”

Well, this week, the market not only got off the mat but rallied back to new highs, just barely, as shown below.

While the rally did get the “bulls” motivated, the declining “money flows” (grey histogram chart) suggest the rally is unlikely to stick. With the market back to 2-standard deviations above the 50-dma, conviction weak, and investors extremely bullish, the market remains set up for more consolidation or …

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